Aceable Exam 1 Practice Questions And
Answers
Which of these is a unilateral contract?
a. A car dealership offers a $1,000 bonus to any salesperson who can sell 10 vehicles in a month
b. Lesley and Andrew sign a contract for the sale of Lesley's home to Andrew
c. Sarah and Jeff sign a contract for the sale of Sarah's car to Jeff
d. Amari gets in Loren's taxi/ Loren drives to her destination, and Amari pays Loren the stated
rate A
What type of property rights are limited to 10 acres of contiguous parcels (for urban property) or
up to 200 acres of rural property? homestead rights
According to the Canons of Professional Ethics, what must every broker do with Consumer
Protection Notice TREC No. CN 1-2? display it in a readily noticeable location
When are there no exemptions to the applicability of the federal fair housing law? when a
real estate licensee is involved
, Aceable Exam 1 Practice Questions And
Answers
Under which law is a creditor outlawed from rejecting a borrower based on their marital status?
ECOA
A store owner builds and attaches a display case to the wall when leasing a convenience store
that he will take with him at the end of the lease. The display case is an example of a:
trade fixture
How would an agent disclose to a potential buyer that they will be required to join an HOA if
they purchase the property? use the Addendum for Property Subject to Mandatory
Management in a Property Owners Association
In a breach of contract scenario, which of these four options would allow the wronged party (the
seller) to keep the earnest money that had been put up by the buyer? forfeit
After a lease expires in a unit where the landlord made modifications for the tenant's disability:
the landlord may require tenants to return the property to its unmodified location
, Aceable Exam 1 Practice Questions And
Answers
If an applicant fulfills all requirements for licensure but hasn't found a sponsoring broker yet, are
they able to get licensed? Yes, the applicant can receive an inactive license from the
Commission
In terms of the scope of authority granted, what are the three classifications of agency?
special, general, and universal
Which of the following terms refers to the land, improvements, and the bundle of rights?
real property
How would a listing broker BEST share a listing with other agents? submit it to the MLS
Jasmine lives in a single-family home and shares amenities like a pool, golf course, and park
with her neighbors. An HOA owns and maintains these amenities, and Jasmine pays a monthly
fee to the HOA. She most likely lives in a: PUD
What is required for a broker to act as an intermediary in a real estate transaction? written
consent from both parties
Answers
Which of these is a unilateral contract?
a. A car dealership offers a $1,000 bonus to any salesperson who can sell 10 vehicles in a month
b. Lesley and Andrew sign a contract for the sale of Lesley's home to Andrew
c. Sarah and Jeff sign a contract for the sale of Sarah's car to Jeff
d. Amari gets in Loren's taxi/ Loren drives to her destination, and Amari pays Loren the stated
rate A
What type of property rights are limited to 10 acres of contiguous parcels (for urban property) or
up to 200 acres of rural property? homestead rights
According to the Canons of Professional Ethics, what must every broker do with Consumer
Protection Notice TREC No. CN 1-2? display it in a readily noticeable location
When are there no exemptions to the applicability of the federal fair housing law? when a
real estate licensee is involved
, Aceable Exam 1 Practice Questions And
Answers
Under which law is a creditor outlawed from rejecting a borrower based on their marital status?
ECOA
A store owner builds and attaches a display case to the wall when leasing a convenience store
that he will take with him at the end of the lease. The display case is an example of a:
trade fixture
How would an agent disclose to a potential buyer that they will be required to join an HOA if
they purchase the property? use the Addendum for Property Subject to Mandatory
Management in a Property Owners Association
In a breach of contract scenario, which of these four options would allow the wronged party (the
seller) to keep the earnest money that had been put up by the buyer? forfeit
After a lease expires in a unit where the landlord made modifications for the tenant's disability:
the landlord may require tenants to return the property to its unmodified location
, Aceable Exam 1 Practice Questions And
Answers
If an applicant fulfills all requirements for licensure but hasn't found a sponsoring broker yet, are
they able to get licensed? Yes, the applicant can receive an inactive license from the
Commission
In terms of the scope of authority granted, what are the three classifications of agency?
special, general, and universal
Which of the following terms refers to the land, improvements, and the bundle of rights?
real property
How would a listing broker BEST share a listing with other agents? submit it to the MLS
Jasmine lives in a single-family home and shares amenities like a pool, golf course, and park
with her neighbors. An HOA owns and maintains these amenities, and Jasmine pays a monthly
fee to the HOA. She most likely lives in a: PUD
What is required for a broker to act as an intermediary in a real estate transaction? written
consent from both parties
